as yuri nobody in america is afraid of timothy geithner other than a few people in our audience so u.k. finance minister tops british nightmare's finance minister george osborne is the public figure that most often appears in british nightmares a recent study has found gordon brown is number two max why not nightmare at number eleven downing street next door to number ten downing street where the chancellor hangs out this could be a fantastic horror film if you do it as a tax dodge right here in the u.k. you make a really lousy film of george osborne play himself in this film and give the people of legitimate nightmare because i understand also that watching scary movies as you can lose weight and obesity here like elsewhere is a problem so you can kill two birds with one stone give the people exorcism away from the chancellor while losing weight at the same time what a great deal. well that's a killer med who is a spokeswoman for travelodge said suffering from nightmares that involve the chancellor money and losing a job are

a true reflection of how the credit crunch and the double dip recession has affected our well being as well as our money it's a budgetary chainsaw massacre people are there eating old beans out of a can having nightmares about george osborne carrot are you just going to sit there and let this monster devour their cocks just of your notion. they meant a double dip recession apparently is about to go into a triple dip recession. sure pull georgie porgie into that triple dip recession. is going to turn into a real horror film so people are afraid everywhere around the world they're afraid of the politicians they're afraid now of the treasury department here is a headline regarding this remarks and current developments in europe this is from dr andrea stone brain max a member of the executive board of the deutsch have been to spank and again here's the bank again coming out with a stay. i meant about the silly desire to see the german gold reserves he says

please let me comment on the bizarre public discussion we are currently facing in germany on the safety of our gold deposits outside germany a discussion which is driven by irrational fears it's not irrational fear like leading up to the election. romney had an eight percent chance of winning all of the intelligent polling and statisticians had a bomoh winning with a ninety percent plus chance and yet people thought that this was an irrational position because they're unwilling to look at the blindingly obvious staring them in the face germany your gold is gone what are you going to do about it because you don't got it no more or you get all of these politicians talk to way into giving yourselves a half baked gold position you must act. well in the first story here's a woman from travel lodge who is able to see that her clients are having nightmares

about george staying at their motels and she's able to see that people are suffering from nightmares because of the state of the economy and the state of our money she says so here's a central banker who is one of the targets he's the next in line behind george osborne people and he's trying to say it's irrational fears like the german population are children and babies and should be patted on the back by mommy and told that all is ok or gold is fine but he then goes on to say you can be assured that we are confident that our gold is in safe hands with with you and he's referring he's actually talking to the head of the new york federal reserve bank here he's saying we're we're confident and safe with you and then he goes the days in which hollywood germans such as garrett for obama better known as goldfinger and east german terrorist simon gruber masterminded gold heist in u.s. vaults are long gone nobody can seriously imagine soon. mario's like these which

are reminiscent of a james bond movie with goldfinger playing the role of a us fed accounting clerk well it's something else interesting that people are starting to wake up about germany it was confirmed in today's editorial in the paper is that germany during this so-called crisis that they have remarkably benefited from here in the eurozone is cozying up to china russia and iran i've made this prediction for a couple of years now that germany will align themselves with that group of countries and a bit to become the sole superpower in the united states unfortunately when they come to impose themselves as a forthright they'll be missing something very important and that is sixty percent of their goal. here is an image that was sent apparently to the buddhist bank in response to their claim that all their gold is safe and this is as you see ben bernanke protecting their gold that's in the new york federal reserve bank and their pile of gold this is the journey to go down to the central bank in new york.

where there are gold right there were surrounding the players but i didn't walk through sure commission of audit and i'm sure none of. the funds you couldn't know me from others like i'm going ok that's what you got to germany get real. i think is william dudley that's the president of the new york fed now whatever. so headline reads max about that gold stored in flood prone lower manhattan max this is from business week and they know that a lot of buildings in lower manhattan were destroyed due to the flooding from hurricane sandy and they ask what about the nearly fifteen million pounds of gold bricks stored at the new york fed well they say it's ok because it's in a vault which is protected by an air tight and water tight seal created by lowering a ninety ton steel cylinder just three eighths of an inch into a one hundred forty ton steel. concrete frame in effect quote similar to pushing

a cork down into a bottle that doesn't sound like. but doesn't sound dr evil like no but stacey gold is not going to be damaged by water wind or rain that's one of the great things about gold however something else was damaged yet what will move on to that in a second max but i want to say that here is a new york federal reserve bank part of the federal reserve bank system and ben bernanke in testimony to congress said that. the federal reserve banks and central banks around the world only hold gold as a matter of tradition so why go through this elaborate cocked sort of security system must be millions and millions and millions and billions of dollars of a ninety tonne steel cylinder three. with one hundred forty ton steel and concrete frame if it's just tradition exactly because bernanke is speaking out of both sides

of his mouth these are deployed to this nightmarish ghoulish idiot but the fact is that going forward gold is the only thing that's going to keep these economies afloat and that's why there's a mad scramble for gold that's why since two thousand and nine central banks for the first time in thirty years ben buyers met buyers all of gold and make the following prediction when the paper apocalypse hits you'll find central banks printing money not to buy bonds but to buy gold that's one gold bricks out to ten thousand dollars an ounce that's when the global market collapses that's when we have a new paradigm shift that's when we're going to really see some excitement. so here is a picture that accompany this story as you see it's lots of gold from the new york federal reserve bank they say that's fifteen million pounds of gold that they say is tradition and yet they went through all these elaborate security measures to make sure it was safe from water we all know gold will not dissolve in water unless it's in the new york federal reserve bank maybe who knows so let's move on to

another paper apocalypse that happened down in lower manhattan did hurricane sandy cause thirty six point five trillion in damage this is from the automatic earth dot com and they noticed that of all the lower manhattan was flooded last week it was not waterproof and it contained thirteen point two trillion dollars worth in paper certificates one point three million of it so the vault in question max is belongs to depository trust and clearing corp or d.t.c. see a clearing house for wall street firms owned by wall street firms right in the amazing part is you mention thirty trillion or so on paper now washed away by the storm that's not even one percent of the global derivatives market number one number two you've got this incredible scourge of naked short selling that is gobbled up wealth around the world that is to say banks counterfeiting securities and naked short

sells to push the price of things like gold and silver down that the way they do it is something called failure to deliver now if you've got thirty trillion of paper which is magically missing well they're going to fail to deliver on that train and so this is going to be like life masters greatest con ever because as she's pummeling the price of silver with those naked short selling counterfeiting over there j.p. morgan in london you can just claim well all the papers missing it got washed away and meanwhile germany will be looking for gold and the u.s. will say you know the water dissolved gold but we'll give you this paper instead. well actually as a largely from the automatic earth dot com points out the d.t.c. see again which is owned by the wall street banks which also only new york fed where they spent a huge amount of money to protect some traditional gold and they spend no money as you see i'll show you an image of the d.c.c. building you see is huge tall fifty five stories some how the paper thirteen point

two trillion of the thirty five trillion apparently washed away that paper washed away but largely points out that d.t.c. has been for years trying to get all the wall street banks to. not ask for the collection of the actual paper now they break down from the automatic earth is about that the paper there the thirteen point two trillion if you divide it into one point three million pieces of paper that would have equal about ten million in stock value in each certificate so however because of this disaster the d.t.c. c. has said that quote it has suspended processing of physical certificates for an indefinite period so they're trying to say that everybody should just collect it electronically and trust us we're not bond villain so. clearly because of the flood was j.p. morgan goldman i mean look at goldman sachs they had like three hundred ready for the event they were all lloyd blankfein was at the top floor of goldman sachs like

mr burns from the simpsons so you know your church will never have to be covered so not only did i cause nine eleven but these banks also caused the great flood of twelve well that brings me to this final little thing because you mentioned goldman sachs they were the only ones that had their lights on in downtown new york a lot of people of course didn't realize that was lloyd blankfein bald head exactly well that brings me to the top of the show because we talked about the nightmares everybody here is having a nightmare about george osborne well for the last month i will admit that i've been having this nightmare after reading this headline greg smith i saw lloyd blankfein naked i think he was talking physically naked not naked. short talk about coming up short all right say sarah thanks so much for being on the kaiser report thank you all right stay tuned for the second abby talking to that legendary trouble maker ned naylor leyland.

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welcome back to the kaiser report timed out of ned naylor leyland. asset management ned welcome back to the kaiser report thank you max nice to be here now began to ask you about germany the biggest story of the past few months german gold but it's been called a story of bizarre absurd crazy this is a story about basically having sixty percent of their gold in new york a lot of people to just it's been sold the casting vigorously against this what's your take well it's a great story and as much as i think you know those of us on this side of the fence been watching it for a long time repatriation of gold reserves i think the way that i see it more than anything is in the context of all of history which is that clearly central banks didn't post there is a new york london in the past. for the same reason that they're there now in other

words you know the world is a very different place pre world war two and post world war two and then once the nixon closed the gold window we entered a different world and of course the relationship the central bank gold reserve changed significantly at that point and that's the way i see it is. using the lobster pot analogy now you having invested yourself well know the lobster pot analogy being you don't want to be getting invested in things where it's easy to get in and difficult to get out and i see central banks foreign cars the gold reserves is a golden lobster pots the sort of ultimate worst case lopes the point best whereby they went in with the gold and it's only now with a look around and going wait a minute how do we get out and i just think you know when you when you think about love support investments generally it's the most illiquid in smallest thing you tend. invested but here it's the exact opposite and it's the ultimate great big golden globe support for the american listeners that would be the roach motel investment where your check in but you don't check out that since two thousand and

nine or going back before two thousand and seven before the crisis hit reality and then it blew up in two thousand and eight attitude towards gold by central banks was that it's a relic of the past a barbaric relic of the past to quote keynes and they really were anti gold they're selling gold then the crisis and then in two thousand and nine they start become net buyers moment gold now they're repatriating gold central banks like mexico their gold positions up two thousand percent korea's gold position up enormously five hundred tons of gold bought by central banks in the first half of this year another five to six hundred tons bought the second half this seems to go completely against this notion put forward by ben bernanke we call this just a trinket people collect it doesn't really matter well you look at what i do not what i say it's the answer to that absolutely and in fact actually you can make the argument that central banks now have a double bed in the market because they're bidding for themselves and they're also bidding to to buy physical you always deliver it for these repatriation requests

because you go to realize that they're not able to on wind the chain of leasing and swapping nodes deliver balls of the within the cost so you will systems only mention leasing there for a second a lot of people speculating that germany's gold has been leased out into the market these of either bullion banks this is a trick that central banks and bankers use to feather the nest of investment banks and telegraph to the market that they're going to change the release rates to borrow to sell gold knowing that the price will fall and that these banks can scalp a few bucks from the market on the lower price using a short sell are we now in a position where perhaps all this monkeying around with leasing etc were all germany ever see it's gold that's that's the question or is it gone. i think it's likely to. see some gold if it's going to in fifty ton chunks which is what we're talking about i think it's likely to see the sea go whether it's there's

a was or where it comes from i think the slightly different point but yeah sure i mean the investment banks have been involved the l b m a system as we've discussed before is a highly leveraged on allocated system and really the way i see it is the central banks of sort of followed in with that whole concept of leverage which is why they've also been involved aggressively in leasing it swapping and as i'm sure you're aware they account for is gold and gold receivables meaning that it is one great big pot of gold trading as opposed to actual physical relocation of gold bars ok let's go back to the bonus bank for a second and they recently did admit that they repatriated over nine hundred gold from london between two thousand and two thousand and nine do you think gordon brown's men discount sale of u.k. gold back in the day when he sold three hundred tons of historical bottom of the iron fifty dollars an ounce scared scared them rather scared the germans into repatriating gold what was going on well i mean ultimately what we know is what we

don't know because the fact the whole thing is completely opaque so the fact that central banks don't give us any information about gold reserves or really very very little is what leads us to speculate as to what might or might not have taken place and what i would say is very interesting this point about repatriation of london based reserves because i know myself back in i think three i met with rod mckuen who's the. chairman or c.e.o. of gold corp in the us not the second rate poet popular in the one nine hundred sixty. point goldcorp much against the trend rushdie holding physical gold of cash which was very contrary at the time hence why i was interested in i met him and spoke with him and i asked him whether or not. he had a view on the u.k. selling its gold reserves and he said yes he was very interested by this new fact he had got involved in the auction process because coke were in the in the market for decent amounts of physical treasury and he'd actually beat for some of that gold during the auction process and despite the fact he puts

a very generous bid in heating allocated anything she was somewhat surprised by so if we take that speculation a little further and use does the base case it would it would appear that potentially leasing and swapping cost deal chain of problems was already there back then and when the when the for that go back from london potentially london were in a situation where do we find the physical to deliver against this now you know we are in speculating what may or may not happen but there are a lot of moving policies a very interesting story and i expect more to come out of it as more people come interested in it but you mention the chain of ownership and all of the byzantine relationships that go on between our propagation riyad publication lazing in the first half of the show today and we talked about thirteen trillion dollars of stock certificates washing away in hurricane sandy and now according to automatic earth a very popular website it will cost more than two hundred billion to replace those

certificates. that seems like a lot ball figure first of all and let's say germany in fact had to go to the open market replace that goal we're talking about quite a sum of money yes well yes but i mean they wouldn't have to go to sleep it would be them it would be the. paris or wherever they want to be doing the buying on their behalf because clearly they have the chit goldie but they go find it i don't know what's also fun and potentially slightly amusing about it is the fact the hugo chavez led the lead the way with this movement. recognizing some of the structural issues with the global economy and actually moving against it and i think you know he probably needs to. a little bit of credit for making the subjects a bit more. broadly understood and i think one thing i will say max is it's very interesting the germans on likely to let this go now i feel you know a dog with bone and one would hope that the story will be pushed forward by the germans and despite the language of the bring this point which is pretty bizarre

they use the word bizarre and and crazy and all this sort of language which to me suggests they're a bit nervous but we're not going to let go of it now you know we were there and they told us in person face to face that the gold was not there was a new york and that was a revelation and now they're trying to downplay it as if well of course it's a new york but it's safe what the which is not safe at all now finally ned let's talk about your correspondence with bart shelton of the c. f.t.c. regarding his alleged investigation interests over price manipulation the f.t.c. ran a front page piece saying the investigation would be dropped bart denied this you know for the soberer enthusiasm out there in the audience the silver liberation army. and you're one of the generals of the s.l.a. what's happening well i've had ongoing corresponds to that with mr chilton i mean one thing i'll say about him is he is quick to respond to questions which is to his credit or just in marketing in other words my experience apart going back

a few years is that he's on the marketing side of the business he doesn't actually know what's going on well i would potentially agree with you on that one but i would just say that you know to give him some credit he does respond you're not you don't send e-mails into a black been a never get reply to there is an attempt to deal with not a blonde in maybe i am partial to and i'm doing part marketing for the see have to see but i think i think max in the background there are things going on and i think a lot more evidence is being compiled behind the original investigation that took place ninety three years ago now. and i think you know there's no doubt the c.f.d. season is in a serious corner the fact they came. out straight off that f.d.r. it's cool and you know i did and said that's not right suggest they have to be sitting on some fairly substantial evidence otherwise they wouldn't be so quick to jump back and go no it's not being dropped so to me it's just a function of how it takes them to actually speak or whether or not some of the evidence comes on the public before they choose to speak up ok going on for three

hours let me ask you ned what was the total so over production from all the miners approximately last year i think it was sort of seven hundred fifty million ounces ok at one point i think was last week or the week before in one single day from one single bank how much so over suddenly showed up on the marketplace smashing the price down a couple well i think the number that was down around was sort of two hundred million ounces or thereabouts in a short time frame i mean this is not ok john i mean it's of course you know this is this is this is an unacceptable degree of. depression says the vailable physical i think we accept that right now apple computer by the has roughly a billion shares of stock ok so what would happen if somebody showed up with a quarter of a billion hundred fifty million three hundred million shares of apple to sell at the market what happened apple stock well it would crash i think that these are you know there are differences one is one of them one is you know there's a there's a chain of ownership or apple stock but there's no change of ownership for the

futures contract that part chilton's overseeing it to see if the see through naked short selling reserve the j.p. morgan of life matters to smash the price of that only for the effect of supporting the dollar and creating mayhem in the markets that's no different except it accepted there is there is an enormous amount of truth in that there are all sort of some differences between apple and the truth is true that you can't there's no gradation of truth is you can sense an enormous amount of truth that's black and white they're committing fraud that's the fact now who's going to stop and park shelton the blonde non regulator who gives great lip service but does nothing gary gensler the former goldman sachs guy who sits around says nothing but you know pays with pain a lot of money and who knows what else is involved with what's going to twenty going to take what's he going to. stark honesty in that market analysis is the answer is the market will do it max it won't be it won't come from the regulate so i think it's pretty clear now that we would have had that from the regulators by now if we were going to get it from them so i think we can say with confidence we don't going to get a big announcement all fiction from the c.f.d. see suit however what i do think is that sufficient information is made public for

for instance hedge funds to have a look at that i think they're going to jump they're going to move the price themselves and that's how it will come about that's my view i personally think that's always actually said i think it won't be i think it will come through people investors waking up and wanting to be in and the products role a regulator a decision what's the hedge funds current position and silver and gold are they not long are they building are they well i think it changed overnight because i think the other way bathed in in hope and more of the same. they're going to be more willing to play reflation we trade to go into that just briefly thirty seconds a bomb has been reelected ben bernanke he stays in place more of the same and that effect on gold and silver is what it should be very beneficial because usually second term presidents spend a lot of money in the first year in office they try to put their programs through so i think that's why the market perspective on it all right fair enough now and then leyland asset management thanks so much for being on the kaiser report my

pleasure max that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert our thank my guests ned naylor leyland we've got to say i mean email please do so at kaiser reported r t t v dot are you and don't forget to follow me on twitter and the next on my. cool. i mean so to know your city in europe the hosts of the twenty full team which are the pick of. son c.

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